A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.
A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.
A life insurance policy becomes paid up when all premiums as defined in the policy bond have been paid in full.A life insurance policy ought to be paid up before maturity for smooth disposal of maturity amount to the policy holder or its nominee. Premiums for a life insurance policy should be paid up for a minimum period of 3 years to attract surrender value.
If you are talking about Life Insurance, Paid Up, means the Life Insurance no longer needs Premiums paid as it is all paid up to sustane the policy for the duration chosen.
I have a paid up life insurance policy. How do I find info on the policy.
You can cash it in.
You can contact the insurance company for a status paper of the policy to find out whether the policy was paid out or not.
no it is not
"Paid up" is actually the terminology used in the insurance industry when describing a policy that no longer requires any premiums. When a policy is "paid up", there are no further premiums required for the policy to continue on for what should be lifetime. This can only occur with permanent forms of Life insurance such as Whole Life, Universal Life and Variable Universal Life.
Virtually no insurance company offers a loan against a paid up policy - they thoughts are if you cant keep premiums up then you wont be able to keep loan payments up.
Usually the paid up certificate has the policy details on it and therefore the insurance company will be able to search their records to find the policy. If there is no policy details on the certificate it is still worth contacting the insurer as surely the certificate will have some sort of reference the insurer can use to locate the policy
The paid up value of your life insurance is the point at which no further premiums have to be paid. It can occur either by paying all of the premiums in a lump sum or by paying all of the premiums due in instalments. The precise value of a paid up policy is a fanction of the face amount of the policy, less policy loans or accrued earnings, if applicable.
I need to check on the State Capital Life Insurance paid up policy?